What credit score should I have when buying a house?

A large part of getting the mortgage you want is assuring lenders you’ll be able to afford it. One way they’ll do this is by checking your credit history, so you’ll need to make sure you’re in the best position for this as a poor credit score could affect the amount you’re able to borrow. Your credit history will demonstrate whether you make your existing regular payments on time and in full. You can check your credit score with the following agencies: Experian, Equifax or TransUnion.

What if you don’t have a good credit history? There are several ways to improve this, for example paying off loans to get out of debt and ensuring you are not missing agreed payments. 

How much money do you need to save for a house deposit?

A house deposit is the lump sum of money you’ll need to pay when purchasing a home. This is, normally, at least 5% of the overall cost of the house, however a larger deposit will lower your monthly mortgage repayments.
When saving for a house deposit you’ll need to consider the amount you need carefully. If you’re not sure where to begin, try our handy mortgage calculator to work out what you’re able to borrow and how much you’ll need to save.

What fees come with buying a house?

When buying a house, you’ll need to account for fees as well as your deposit. These fees will come from solicitors, surveyors and potentially your mortgage broker. It’s helpful to make a list of expenses to tally up before beginning the mortgage process, so you can make sure you won’t run out of money. Your mortgage adviser can help you with all this.

What does a Mortgage in principle do?

A Mortgage in Principle is a certificate provided by your mortgage adviser that will show how much you can borrow from a lender. This will not only make it easier for you to see what you can borrow, it’s also very helpful when putting in an offer on a house as it shows that your offer is serious.

How to prepare for house hunting?

There are plenty of ways to look for a house, whether that be online websites such as Zoopla or Rightmove, or by going directly to local estate agents. It’s important to consider what it is you’re looking for. For example, are you looking for a garden, a certain number of bedrooms, or to be close to public transport and other amenities? By making a list of your definite needs and nice-to-haves you can narrow down your search and only view the houses you’re really interested in.

We hope you found these top tips useful! If you’d like to find out more about how we can help then please get in touch with a mortgage adviser. With over 12,000 products over 90 lenders, we can help find the right mortgage for you.